Variation of List of Names and Categories of Registered Entities - ACE Funding Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and maintain information about entities that are subject to prudential regulation. This Act provides a legal framework for APRA to collect data from these entities, ensuring that APRA can effectively supervise and regulate the financial sector. The problem it addresses is the necessity for comprehensive and up-to-date information to support the regulatory functions of APRA, thereby enhancing the stability and integrity of the financial system. The policy objective of the Act is to ensure that APRA has the necessary data to perform its regulatory duties effectively. On 19 July 2013, Barton Ashcroft, a delegate of APRA, exercised the authority under the Act to vary the list of registered entities by removing the name of ACE Funding Limited (ABN 79 089 048 035) from the register. This action followed the cessation of ACE Funding Limited being a registrable corporation, as defined in the Act, and its removal from the register under the provisions of the Act. This legislative instrument serves to maintain the accuracy and relevance of the list of registered entities by removing entities that no longer meet the criteria for registration.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to data collection requirements as stipulated by the Australian Prudential Regulation Authority (APRA). This Act encompasses entities within the financial sector, including banks, insurance companies, and other financial institutions that APRA regulates. The Act mandates the registration of these entities and requires them to furnish specific data to APRA to ensure compliance with regulatory standards and to maintain financial stability. Geographically, the Act applies at the Commonwealth level, extending across the entire nation to ensure a unified regulatory framework. Notably, the Act does not specify exclusions or thresholds for entities required to register, thus applying broadly to all relevant financial sector entities. The application of the Act can be further refined or extended through subordinate instruments issued by APRA, allowing for specific adjustments and updates to the list of registered entities as necessary. In this instance, the 2013 gazetted variation of the list of names and categories of registered entities highlights the dynamic nature of the regulatory framework, ensuring that it remains current and reflective of the changing financial landscape.

Key Provisions

The legislative instrument primarily focuses on the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 11 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a list of registered entities. This Notice, issued by Barton Ashcroft, a delegate of APRA, pertains to the removal of ACE Funding Limited (ABN 79 089 048 035) from this list. According to subsection 11(2) of the Act, Barton Ashcroft has the authority to vary the list, which includes the removal of the corporation's name, as the corporation has ceased to be a registrable entity under section 7 of the Act. Under the Act, APRA is obligated to maintain a register of entities, as per section 8, and a list of names of registered entities, as per section 11. The obligations extend to updating these records accurately and promptly when entities cease to be registrable, as demonstrated by the cessation of ACE Funding Limited's registrable status. APRA's duty includes ensuring that the register and the list are reflective of the current status of all entities, including the timely removal of entities that no longer meet the criteria for registration. The Notice does not explicitly outline offences, penalties, or civil/criminal consequences for breach within its text. However, the Act may impose such consequences for non-compliance with its provisions. Typically, breaches of the Act could lead to enforcement actions by APRA, including fines or other penalties as prescribed by the Act or relevant legislation. The severity of these penalties would depend on the nature and extent of the breach, but they are intended to ensure compliance with the regulatory requirements governing the collection and maintenance of financial sector data.